Joyy, Inc. ( (YY) ) has released its Q3 earnings. Here is a breakdown of the information Joyy, Inc. presented to its investors.
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JOYY Inc., a global technology company, operates a suite of social products including Bigo Live, Likee, and Hago, focusing on live streaming and social networking. The company, listed on NASDAQ, aims to enrich lives through its technological offerings.
In its third quarter of 2024 financial report, JOYY Inc. reported net revenues of $558.7 million, a slight decrease compared to the same period in 2023. The company highlighted a strategic focus on enhancing its social and content ecosystem while maintaining operational efficiency.
Key financial metrics indicated that JOYY’s live streaming revenue stood at $439.5 million, showing a decline primarily due to decreased average revenue per paying user. However, other revenue streams increased by 67.2% due to significant growth in advertising revenues. Despite a reduction in overall net income to $60.6 million, JOYY’s gross margin slightly improved to 37.3%, and the company maintained a healthy financial position with $3.3 billion in net cash.
The company’s operational highlights revealed a decrease in average monthly active users across platforms like Bigo Live and Likee, attributed to disciplined spending on user acquisition. However, JOYY managed to maintain a stable number of paying users while repurchasing $117.8 million worth of shares to enhance shareholder returns.
Looking forward, JOYY remains committed to diversifying its revenue streams and advancing product innovation, positioning itself for sustainable growth. The management anticipates net revenues between $546 million and $563 million for the upcoming quarter, while continuing to navigate macroeconomic uncertainties.
